Denver, CO - Today, Michael Bennet, U.S. Senator for Colorado, announced that he will be an original cosponsor of new legislation that closes loopholes recently opened as a result of the Supreme Court's 5-4 ruling in Citizens United v. FEC.
"The best way to protect the American people from the worst parts of Washington's broken campaign finance system is to get the corporate attack money out into the open so voters know exactly who's behind the ad buys," Bennet said. "Democracy can't develop in a dark room, especially one that's bought and paid for by special interests."
The legislation would allow shareholders to find out what is happening to the money they've invested in the company by improving transparency requirements on large, stealth contributions for attack ads from shadow organizations. It would also require CEOs to claim the political ads they run as their own.
Additionally, this new legislation imposes special restrictions on foreign corporations, government contractors and Troubled Asset Relief Program (TARP) bailout recipients that try to use their treasuries to manipulate the political process.
Bennet continued, "Without this law, corporations could turn our system of government into a pay-to-play auction where perks and taxpayer dollars go to the highest bidder."